KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Indonesia has requested that Apple and Google block Temu, a Chinese fast fashion e-commerce platform, from their app stores to protect small and medium-sized businesses in the country, according to communications minister Budi Arie Setiadi. The move is aimed at pre-empting unhealthy competition from Temu, which offers cheap products by connecting consumers directly with factories in China, despite authorities not yet finding transactions involving Indonesian residents.
Temu, owned by PDD Holdings, has faced scrutiny in several countries due to its low-cost business model. Indonesia's decision aligns with its previous move to force TikTok to close its e-commerce service in the country to protect local merchants and users' data. The government is also considering a similar block for Shein, another Chinese e-commerce platform.
Indonesia’s e-commerce industry is growing rapidly and is expected to reach US$160 billion by 2030.
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